Dallas, TX, February 11, 2008 – GE Real Estate announced today it provided a $29.84 million, on-book fixed rate loan to Jamespoint Management Company for the purchase of Reveille Ranch Apartments, a student housing complex in Bryan-College Station, TX, one mile north of Texas A & M University.
The recently built Class ‘A’ garden-style apartment community has 372 units (972 beds) in 21 three-story buildings on 25 acres. Texas A & M is the country’s eighth largest university with 46,000 students, of whom nearly 80 percent live off campus.
This was the first transaction between GE and Jamespoint Management, which invests exclusively in education-related real estate, including more than 1,784 units in the Bryan-College Station area. Jamespoint will enhance the property’s value by increasing occupancy through focused management and improving operational performance.
The mortgage bankers for this deal were Jay Wagley and Matt Mattox of CBRE | Melody.
"GE’s on-book financing gives us the flexibility to smooth out the leasing contracts and use our significant economies of scale in this market to lower expenses,” said Charles Laningham, the majority owner of Jamespoint Management. “This was a well-executed deal on a first-class property."
"We are excited about this investment opportunity with Jamespoint, which for decades has had a stellar performance record for its portfolio of Texas A & M student apartments,” said Robert Shore, senior director for GE Real Estate. “We find this asset type appealing because of its stability and insulation against economic downturns, especially on transactions with strong, experienced sponsors at large state colleges."
GE Real Estate’s North America Lending division offers financing for retail, industrial, self-storage, multifamily, office, student housing, regional malls and outlet centers. North America Lending is also a provider of financing solutions for niche asset classes including affordable housing, golf, hospitality, vacation ownership, manufactured home communities and RV resorts.
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John Oliver
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john.oliver@ge.com
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About GE Real Estate
GE Real Estate (
www.gerealestate.com) is one of the world's premier commercial real estate companies with more than US$72 billion in assets and a presence in 31 countries throughout North America, Europe, Asia, and Australia/New Zealand. Backed by GE's AAA rating, GE Real Estate offers a comprehensive range of capital and investment solutions including equity capital for acquisition or development, as well as fixed and floating rate mortgages for new acquisitions or re-capitalizations of commercial real estate. With a 28% compound annual growth rate since 1993, GE Real Estate is one of the world's fastest growing and most profitable real estate enterprises. This extraordinary record of success grows out of a reputation for collaboration and partnership; a depth of knowledge and experience and a history of building relationships, finding opportunities and opening doors for more than 5,000 owners, builders, borrowers and brokers worldwide.
GE Commercial Finance (
www.gecommercialfinance.com) offers businesses around the globe an extensive array of financial products and services. With more than US$276 billion in assets and expertise in the middle-market, GE Commercial Finance provides loans, operating leases, financing programs and innovative structured capital to help customers grow. Headquartered in Norwalk, Connecticut, GE Commercial Finance is a wholly owned subsidiary of the General Electric Company (NYSE:GE), a diversified services, technology and manufacturing company with operations worldwide.
